NFL players will now get paid because that 36 weeks instead of 17 — will it advantage them financially? critical Updated: April 10, 2021 at 11:29 a.m. ET first Published: April 9, 2021 at 9:06 a.m. ET
A gaue won adviser and a CPA who work-related with expert athletes share their thoughts on this change
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For the 2021 NFL season, experienced football players will certainly be paid their earnings over 36 weeks, a longer duration than how they’ve to be paid in current years — 17 main — follow to one ESPN report.
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Nearly 80% that NFL players walk bankrupt or are under financial stress and anxiety within 2 years of retirement, according to CNBC, and 60% that NBA football player go broke or bankrupt within five years that retirement.
So will certainly this new pay structure advantage athletes financially?
Sean Packard, a CPA for OFS riches in McLean, Va., who works with skilled athletes including NFL players, says some will have actually to worry less around budgeting your money.
“My instant thought was: an excellent for the players,” Packard called sdrta.net. “With lock being minimal to pay in the season, you finish up having to spending plan all that money.”
Carlos Dias Jr., the founder the MVP wide range in Orlando, Fla., agrees. “It’s a optimistic for those who are unable to pace themselves, since they won’t operation out the money.”
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But Dias, who gives financial planning solutions for skilled athletes, adds, “I see it together both a positive and a negative.” He says for some athletes, getting much more money sooner way having access to capital sooner that they can use to “invest and also tackle debt” — points that could potentially it is in more complicated if the payments are more spread out.
Packard agrees v this as soon as it comes to the league’s higher-paid players, however points the end that paychecks spread out out over an ext time have to especially benefit NFL players that make close to the organization minimum.
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“You look at time, value and also money — you will do rather have money ideal now. Yet when you’re looking in ~ the bottom of the pay scale, those room the persons who space going to advantage the most,” Packard says. “Sometimes you’ll view at the finish of the season they’ll have blown through a the majority of their money and not budgeted for everything else.”
In the end, those most vital is to teach high-earning athletes the prominence of budgeting and saving, Dias says.
“If you desire to change that mental mindset, the doesn’t matter whether you obtain paid 17 weeks out of the year, 36 weeks the end of the year — or 52,” he says.